Ripple's XRP Finally Decouples from Bitcoin Price Path, Up by 10%: Here's Why

Ripple's XRP has broken its correlation with Bitcoin, surging 10% while the leading crypto slips. The decoupling comes amid increased whale accumulation

Good morning, dear Captain. XRP finally seems to decouple from BTC and surges double digits while the leading crypto slips. What’s driving this divergence and where’s XRP headed next? Let’s dive in.

XRP price rallies double digits as it finally decouples from BTC

The XRP price has surged over 10% during the past 24 hours, significantly outperforming the broader crypto market and Bitcoin, which have seen minimal price changes.

XRP price finally decouples from BTC. Source: Santiment

According to data from CoinGecko, XRP now trades at $0.63, showcasing a 7.01% and 6.38% price涨幅 over the past day and week, respectively. Notably, XRP’s daily trading volume also surged by over 30%, now standing at $3,470,606,669.

As evident from the above chart, XRP has been closely tracking Bitcoin’s price movements throughout 2024. However, recently, XRP has started showing signs of decoupling from BTC. This divergence is particularly interesting considering that altcoins have generally been highly correlated with Bitcoin this year.

Bitcoin price dips slightly as XRP decouples. Source: CoinGecko

After rallying to a local top of around $66,000 last week, Bitcoin has faced some selling pressure and trades at $65,615.72, dipping over the last day and week. This minimal price decrease, coupled with XRP’s double-digit gains, has led to a clear decoupling of the two assets.

Will this decoupling fuel an altcoin rally?

As XRP decouples from BTC and rallies, it’s natural to wonder if this will have a broader impact on the altcoin market.

Well, according to crypto behavior analytics firm Santiment, there has been a massive surge in XRP whale activity, which could be a bullish sign for the asset.

Crypto behavior analytics firm Santiment reports an increase in XRP whale activity. Source: Santiment

According to Santiment’s data, the number of wallets holding at least 10,000 XRP has soared over the past five weeks. Currently, there are 279,400 such addresses on the XRP ledger, marking a return to a six-month high.

The analysis firm also highlights a strong correlation between these large holders and XRP’s market value throughout 2024.

This surge in whale activity could be contributing to XRP’s bullish price performance and decoupling from BTC. Now, let’s see what technical analysts are saying about XRP’s price trajectory.

ZAYK Charts, a top crypto analyst, has identified an ascending channel formation in XRP’s 4-hour price chart, anticipating a potential breakout soon.

In a subsequent tweet, ZAYK Charts confirmed that the anticipated XRP breakout has occurred. This technical development has further fueled expectations of continued upward momentum for XRP.

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Adding to the positive sentiment, XRP recently gained recognition from a major institutional player. According to crypto enthusiast @_Crypto_Barbie on Twitter, CME Group, the world’s leading derivatives marketplace, has listed XRP.

Moreover, CME Group has classified XRP for payments and as a store of value. This institutional acknowledgment could potentially attract more investors and increase XRP’s legitimacy in the broader financial markets.

It also aligns with Ripple’s long-standing goal of positioning XRP as a bridge currency for payments across boarder.

This recent development is bound to catch the attention of many XRP enthusiasts and investors. As we know, Ripple has been aiming to get XRP listed on CME Group for quite some time now.

Now that XRP is finally listed on CME Group, it will be interesting to see how this impacts the asset’s price and adoption in the coming days and weeks.

The recent breakout has been eagerly anticipated by the XRP community for several weeks now. As XRP finally decouples from BTC and rallies double digits, what can we expect next?

Well, according to several analysts, this breakout is a milestone for XRP’s price growth, and the fear of missing out among investors could further propel the asset’s price upward.

Besides, XRP seems to be charting its course from Bitcoin and there’s a possibility for other altcoins following suit, especially if their fundamentals are strong enough to decouple from BTC’s price action.

XRPが勢いを増すにつれて、市場参加者にとって主要な抵抗レベルとクジラの活動に注目し続けることが重要になります。 XRPが強気傾向を維持し、予想される0.75ドルの目標に到達できるかどうかを観察する上で、今後数日間は興味深いものとなるでしょう。

また来ます

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